Judgment was handed down this morning in Newell Trustees Ltd v Newell Rubbermaid UK Services Ltd  EWHC 48 (Ch), in which Michael Green J upheld the validity of the conversion of certain scheme members’ final salary benefits to money purchase benefits following their transfer to a newly-created money purchase section of the scheme, subject to the imposition of a final salary underpin. The judgment contains an analysis of a number of important pensions law topics, including the construction of interim deeds, the validity of extrinsic contracts, the construction of Courage provisos and how to calculate final salary underpins. The judgment also considered, and rejected, a claim that the method by which members were selected for the transfer and conversion process constituted unlawful age discrimination.
A full analysis of the case will be published on Pensions Barrister soon. In the meantime, a copy of the judgment can be found here.